According to a Trulia market report I came across the other day, the Pimmit Hills neighborhood of Falls Church is one of the top 10 ‘Best Value’ neighborhoods in the DC Metro area. I have a current listing in Pimmit Hills, so seeing that report kindled my interest, and I decided to dig deeper into Pimmit Hills.
Here’s what I found:
Pimmit Hills Va Spring 2017 Market Report
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This year, the Spring Market in Pimmit Hills saw tremendous growth in the number of homes sold when compared to the 2016 Spring Market. 35 homes sold this spring, a 31% increase in sales over 2016, and those home sold 40% faster on average than in the Spring of 2016.
One thing I didn’t expect: The average sale price was actually 3% lower in 2017 than in 2016.
However, when I looked a little more closely at the numbers, it makes sense. The range of home prices in Pimmit Hills is wide, from just under $500,000 to over $1,500,000. This Spring, more homes were listed and sold towards the lower end of that spectrum than in the Spring 2016 market. The fact that the average number of days on the market decreased by 40% this year, and that the average sale price was over 99% of original list is a strong indication that the decrease in sale prices does not correlate to a decrease in home values for Pimmit Hills. In fact, the opposite is true. The strong home sales indicate a market that is experiencing slow steady growth.
Looking at these numbers confirms that the slight drop in average home sale price does not mean that home values are going down in Pimmit Hills. The spring sales trends and current inventory numbers show that the homes being listed and sold this year simply tend to be toward the lower end of the wide price range that exists in this neighborhood. In fact, looking at the current inventory numbers, I’d say that Pimmit Hills is one of the strongest seller’s markets I’ve come across in Falls Church recently.
Want to know more about the current market? Feel free to get in touch with me anytime.